Jefferies Publishes 3Q11 Earnings Preview on Integrated Oil

In its report, Jefferies writes, “For the global oil majors as a group, we think 3Q is set to look very like 2Q11, when US$ earnings rose 31% YoY off the back of a 50% rise in oil prices. This quarter, we forecast an aggregate 28% rise, with Brent up by 48% YoY. Given the very rapid rise in oil prices seen over the last 18 months, which has now stalled, we think this quarter is likely to be close to a near-term earnings peak for the sector as a whole”. Companies included in the Jefferies report are: Royal Dutch Shell RDS, Total TOT, Enersis S.A. ENI, and BP plc BP